Eightco Shares Surge Over 3,000% on Worldcoin Treasury Strategy
Shares of Eightco Holdings, an e-commerce inventory management platform, skyrocketed more than 3,000% in a single trading session following its announcement to acquire and hold Worldcoin (WLD), the cryptocurrency underpinning Sam Altman’s biometric digital identity initiative.
On Monday, Eightco revealed plans for a private placement aiming to raise approximately $250 million by selling 171.23 million common shares at $1.46 each. The capital raised will be primarily used to implement a pioneering treasury strategy focused on acquiring Worldcoin as a core reserve asset. The company also indicated potential secondary purchases of Ether (ETH).
In addition to the treasury strategy, Eightco expanded its crypto holdings by acquiring 13.7 million shares of BitMine Immersion Technologies for $20 million. BitMine is notable for holding the largest Ether reserves among publicly traded firms.
Stock Price Reaction and Market Context
Eightco’s stock closed Monday at $45.08, an increase of nearly 3,009% from its previous close of $1.45 on Friday. The stock reached an intraday peak above $80 before settling lower in after-hours trading to $42.40. The company expects the private placement to close on Thursday, with participation from notable entities including the World Foundation, Kraken, and FalconX.
The planned Nasdaq ticker symbol will change to “ORBS” on the same day, a nod to the eye-scanning devices used by Worldcoin’s parent organization, World Network.
Background on Worldcoin and Regulatory Challenges
Worldcoin, co-founded by OpenAI CEO Sam Altman, seeks to create a network of verified human identities online by scanning individuals’ irises to provide them with Worldcoin tokens and access to an affiliated ecosystem. The project has faced regulatory scrutiny globally due to privacy concerns, leading to operational suspensions and bans in certain jurisdictions.
Altman stated, “If we succeed on our mission, World might become the largest network of real people online, fundamentally changing how we interact and transact throughout the Internet.” However, the project’s future remains uncertain amid ongoing regulatory challenges.
Leadership and Strategic Direction
Eightco appointed Dan Ives, head of technology research at Wedbush Securities, as chairman of its board. Ives, known for his bullish stance on the tech sector and AI investments, described his role as advancing “the next step in the AI revolution around authentication and Proof of Human.” He emphasized that Worldcoin could lead the AI-driven Fourth Industrial Revolution.
Worldcoin Token Performance
Following Eightco’s announcement, Worldcoin’s token price rose 49.2% in 24 hours, trading at $1.54. The token has gained over 80% in the past week, rebounding from a low of approximately $0.58 in early April 2024. Despite this recovery, Worldcoin remains down roughly 87% from its March 2024 peak near $11.74.
FinOracleAI — Market View
Eightco’s announcement to acquire Worldcoin as a treasury asset has triggered an extraordinary short-term stock rally driven by speculative investor enthusiasm and growing interest in crypto treasury diversification. While the move aligns Eightco with emerging trends of corporate crypto holdings, the sustainability of this rally faces risks from regulatory scrutiny of Worldcoin’s biometric identity approach and volatile cryptocurrency markets.
Investors should monitor the completion of the private placement, regulatory developments surrounding Worldcoin, and Eightco’s ability to integrate its crypto strategy without compromising core operations.
Impact: positive
